The Interchain Foundation, the developer organization behind the Cosmos (ATOM) ecosystem, continues to sell Ethereum (ETH) 
$3,066 acquired during its ICO process. According to on-chain data, the organization has sold 3,000 ETH (approximately $10.16 million) in just the last hour. Since the end of April this year, Interchain has sold a total of 21,600 ETH (approximately $55.97 million) from the ETH collected during its ICO held in April 2017.
Impact of Interchain’s ETH Sales
The ETH sales by Interchain Foundation are being closely monitored in the cryptocurrency market. These sales were executed at an average price of $2,591. Following these sales, the organization continues to hold 383 BTC and 23,587 ETH in its portfolio, with a total asset value of approximately $95.48 million.
Despite the Interchain Foundation’s sales, the main asset of Cosmos, ATOM, has not performed as expected in recent market movements. When Bitcoin 
$99,561‘s price was around $16,000 at the end of 2022, ATOM was trading at about $10. Currently, ATOM is trading around $6.50, indicating a significant loss in value for investors.
Weak Performance of ATOM
ATOM has emerged as one of the lowest-performing major altcoins this year. The conversion of ICO funds into cash by Interchain Foundation has raised concerns among some investors regarding the future of the altcoin.
Investors are speculating if ATOM’s price can recover due to Interchain’s sales moves. The weak performance of ATOM during Bitcoin’s recent rally has triggered broader discussions within the community.
Developments in the Cosmos ecosystem, particularly the ETH sales by Interchain Foundation, continue to be closely observed. There is great curiosity about how ATOM will perform in response to Interchain Foundation’s sales strategy.
